The digital age has made establishing a home-based business relatively easy. However, there comes a point when every small business owner needs to look beyond a steady residual income stream and consider the bigger picture. Boosting your business prospects can be difficult if you’re tied to a home-based model, but there are a few low-cost tactics you can adopt to achieve your expansion goals.
How to Take Your Home Business to the Next Level
Go Global with a Foreign Language
International outreach probably isn’t something you’ve given too much thought to if your business activities have been limited to a home office or kitchen table. However, it’s never too early to think ahead with global ambitions. It’s easy to have an Anglo-centric view when making long-term business plans, but if you’re serious about expanding your operation internationally, multilingualism is important. If a home-based production line is holding you back, you’ll eventually need to explore the cost benefits of established supply chains. Competence with a second or third language will allow you to engage with suppliers and distributors directly.
A busy schedule is by no means a barrier to learning a new language. In fact, online learning avenues mean you can commit to acquiring new language skills without taking too much time away from your business activities. Online learning isn’t just ideal for time-poor entrepreneurs, it’s also a cost-effective solution for those keen to keep as much capital as possible freed up for use to further their business ambitions.
Make Full Use of Social Media
Chances are you’ve already utilised social media channels to some extent to get your home-based business off the launching pad. However, you need to be thinking beyond curating a few Pinterest boards and Instagram posts if you’re serious about capitalising on the potential of social media. One aspect of social media you should be thinking about is the potential of livestreams. YouTube, Facebook and Instagram all support livestream broadcasts, allowing you to connect with your audience more directly.
How you utilise these livestreams is up to you and ultimately depends on the product or service you are offering. If you’re unveiling a new product range, consider hosting a livestream launch. You can generate buzz ahead of time via conventional social media channels and posting methods, before engaging live with your audience. Consumers tend to respond better to businesses that utilise live streaming video, potentially equating to more sales and conversions.
Engage Audiences with Promotions
Promotional campaigns are a great way of retaining an existing market and attracting new consumers. If your home business is still in its infancy, you’ll be fairly limited to what you can offer. However, there are plenty of low-budget marketing ploys you can adopt to promote a new service or product line. A simple giveaway is an effective way of boosting engagement. Small businesses can use such exercises to bolster their email lists, although some savvy marketing will also drive organic traffic to your platforms.
Slightly larger home businesses may want to consider running a co-promotion with a brand partner or larger company. This shared enterprise not only brings down overall costs, it also significantly broadens your reach to untapped markets. It’s also a useful networking strategy that less established brands can benefit from.